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China approves $13 billion worth of fixed-asset investment projects in August

FILE PHOTO: A Chinese flag is pictured at Lujiazui financial district in Pudong, Shanghai, China May 22, 2020. REUTERS/Aly Song

BEIJING (Reuters) - China’s state planner said on Wednesday it had approved six fixed-asset investment projects across the country worth a combined 88.2 billion yuan (10.10 billion pounds) in August.

Meng Wei, a spokeswoman for the National Development and Reform Commission, disclosed the figures in a press briefing where she also gave some fixed asset investment data for the western region.

Fixed asset investment in China’s western region grew 2.1% in the first seven months of the year, she said, adding that local governments there should be strictly on guard against debt risks.

Investment in the regions of Xinjiang and Tibet in particular grew 25.5% and 12.7% respectively over that period, said the spokeswoman.

That compared to a 1.6% decline in fixed asset investment nationwide in the first seven months of 2020.

Reporting by Stella Qiu and Ryan Woo; writing by Se Young Lee and Gabriel Crossley; Editing by Shri Navaratnam and Ana Nicolaci da Costa

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